It's the thought that counts

A phrase often uttered when people are discussing a gift that is not particularly well-recieved by the reciever. This has classic application to ties on Father's Day, strange and scary things that came from your grandmother's basement and were given to you for your birthday, and sweaters, socks, and other various assorted items knitted from yarn by an aunt with the name Bertha or something similar, which were given to you for Christmas. A phrase uttered to make up for the fact that, had these people really been thinking, they would've realized that you already have twenty-bajillion ties, that no, you don't like scary basement items, and that you are not particularly partial to that shade of pink, especially in a sweater.